How can outplacement services benefit your business

Businesses over the last few years have had to make use of effective outplacement services due to struggles with the economy.

But what are outplacement services? And why would you want to make use of them? Here’s everything you need to know about the rising industry that your business can make use of going forward.

outplacement services

What happens with outplacement

Outplacement is all about being a service which is in place to help outgoing employees land their new job role. They are usually brought in externally from a business which has been forced to make some employees redundant, perhaps because of downsizing or a reduce in profits.

Whatever the reason, this service will come in and work with everyone within the business, both outgoing and otherwise, with career coaching. These coaches will work individually with each employee, giving them special attention and finding the next step with them.

It’s a great way for a business to help their employees, as well as to help protect their brands reputation. The end goal is to have an employee leave their place of work on agreeable terms, so that there are no hard feelings.

How HR departments can utilise the service

HR departments are the main department that will contact this service, even if it’s not for their employees. They will be able to work with them to find agreeable terms and help to complete their business objectives together. HR understands the needs and feelings of their employees, oftentimes in line with the businesses culture, so they will be best placed to utilise and contact the service.

How to find the right outplacement services for your business

Of course, you will have choices when it comes to finding the right service to work with your business. Because of that, you should ensure you find the right one, and consider asking them certain questions to help get an understanding of their work. This will help you sift through businesses quicker, and find the more experienced and successful ones.

Firstly, reputation is important for an outplacement service. That’s not to say that newer ones won’t be able to provide a good service, but that you know you will be working with one that is tried and tested. With a reputation, you will be able to see reviews of service both good and bad, and go from there.

What you could do, is speak to other businesses you know, competitors or otherwise, to find out if they’ve worked with outplacement services. If they have, then you should arrange a meeting in order to discuss how they found it, and if they could teach you any lessons about what they wish they knew beforehand.

This way, you will be able to find the best service possible, such as with Randstad RiseSmart, who are a leading outplacement provider that have a team of specialists who will work with you and your employees to make everyone happy. They will do this with award-winning technology as well as coaching techniques that are sure to get everyone motivated.

When searching for the provider, you should ask yourself and your business leaders what you will need the service for. At the end of the day, it will affect real people so you want to get your approach right.

This is why you should be communicating with your employees constantly, in order to be fully transparent with them and avoid any unwanted surprises. The end goal of an outplacement service is to make the transition as smooth as possible for outgoing employees, as well as to keep the remaining employees happy and reassured.

The advantages of outplacement services

Generally talking, an outplacement service has more benefits than simply helping your outgoing employees find new jobs. For example, having a service like this on hand as a business partner will help attract more talented individuals who want to work for you. This is because talented and skilled workers will have more choice with where they want to work, and will be happy to choose somewhere that has a perk such as this.

This will also mean that your new employees will be able to settle into their roles with ease, as they have reassurance and a reinvigorated passion for the job. It’s a similar story for those who currently work for your business, as they will gain a good working relationship with you, that you can help build upon and benefit everyone.

It’s also a great way of supporting emotional support to your outgoing employees. These outplacement services come in with experienced coaches and look to improve their employability chances, which is a big relief. If talented workers are forced to leave your company without any support, then you run the risk of damaging your brands reputation. They may also join a rival and bad mouth your business, which could damage reputations with business partners and other people within the industry.

What it could cost you

As with any business partner or service, there will be costs involved with getting the operation in place. What’s important to note, is that the prices will depend on how many people directly need the service, and how many employees the business has in general. Your business may need a particular service from them, which you should communicate with them clearly.

The more people within your business that require some form of outplacement service, the more individual coaching you may need. Coaching isn’t simply a one-on-one session either, it is actually more about techniques related to their career path, and how they can work on getting a new opportunity. For example, it could include classes on how to write a good CV, how you can ace an interview or conversations on what you want next from your career.

Generally speaking, the costs could be up to a few thousand per employee, depending on the size of your business and what services you need. For example, it could only cost a few hundred if it’s a small service you need.

However, the true cost related to outplacement services comes from not using such a service. The main reason, is that redundancies, both on a local and national scale, will make the news. That means people within your industry, such as business partners and other customers will hear about what happened, and it could put them off coming to your business.

When a business receives negative press, it not only damages profitability, but you risk the future too. That’s because no talented applicants will look to your business as a place to work, as they have been put off, which makes it more difficult to recruit. In general, the costs of not using the services are likely to be higher within a few years’ time, compared to offering an outplacement service as soon as possible.

The challenges facing businesses this year

Of course, the last year or so has proved to be difficult for businesses, largely due to the impact of COVID-19. Employees were often times out of work on furlough, or even lost their job due to forced downsizing. It’s important that you consider using businesses such as an outplacement provider in order to overcome these challenges.